Intuitive Machines (LUNR +2.50%), a key player in lunar mission services, disclosed significant insider selling in its latest SEC filing.
Stephen J. Altemus, Chief Executive Officer of Intuitive Machines, executed an open-market sale of 2 million directly held shares for a transaction value of approximately $31.5 million, as disclosed in the SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 2,000,000 |
| Transaction value | $31.5 million |
| Post-transaction shares (direct) | 14,368,615 |
| Post-transaction value (direct ownership) | ~$226.3 million |
Transaction value based on SEC Form 4 weighted average sale price ($15.75); post-transaction value based on Dec. 22, 2025 market close ($15.75).
Key questions
- How significant was the size of this transaction compared to Altemus's historical activity?
This disposition of 2 million shares is substantially larger than the median administrative transaction size of 61,432 shares and the median sale size of 550,000 shares in the recent period. - What was the structure and timing of the sale?
The transaction was executed as an exercise of 2 million options, with all underlying shares immediately sold on the open market over two days (Dec. 19 and Dec. 22, 2025) at a weighted average price of $15.75 per share. - How did this trade affect Altemus's ownership position?
The sale reduced direct share ownership by 12.22%, leaving Altemus with 14,368,615 directly held shares and no reported indirect holdings as of the filing date. - What does this transaction indicate about capacity and cadence?
Since September 2024, Altemus's direct holdings have declined by nearly 20%, so the magnitude of this sale aligns with the pattern of declining equity.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $2.73 billion |
| Revenue (TTM) | $220.32 million |
| Net income (TTM) | -$208.64 million |
| Price (as of market close Dec. 22, 2025) | $15.75 |
* 1-year performance is calculated using Dec. 22, 2025 as the reference date.
NASDAQ: LUNR
Key Data Points
Company snapshot
- Intuitive Machines offers space products and services, including lunar access, orbital services, lunar data, and space infrastructure, with a focus on supporting robotic and human exploration of the Moon, Mars, and beyond.
Intuitive Machines is a Houston-based aerospace company specializing in lunar and orbital mission solutions. With a diversified portfolio spanning lunar access, data services, and space infrastructure, the company leverages proprietary technology and mission expertise to address growing demand for space exploration services. Its integrated approach and focus on commercial and governmental clients position it as a key player in the evolving space economy.
What this transaction means for investors
While the frequent sale of shares throughout 2025 may be concerning for investors, the timing of these recent insider sales is particularly noteworthy. In the first three weeks of December, the stock surged approximately 62%, marking one of the best performances this year in that span, and the month as a whole is the best performing of the year. Selling shares directly after one of the year's biggest highs, and towards the end of the year, is common among company insiders.
The company also announced the acquisition of Lanteris Space Systems, a spacecraft manufacturer, in November. Therefore, it is also possible that the CEO is selling shares before a major price correction, as the acquisition is estimated to be finalized in Q1 2026, an action that is also not rare before acquisitions are finalized.
Overall, the latest disposal of LUNR shares by Altemus is currently not significant and shouldn't influence investors' position in the company.
Glossary
Open-market sale: The sale of securities on a public exchange, available to any buyer at market prices.
SEC Form 4: A required filing that discloses insider trades of company stock by executives, directors, or large shareholders.
Disposition: The act of selling or otherwise transferring ownership of an asset or security.
Direct holdings: Shares owned personally by an individual, not through trusts or other entities.
Indirect holdings: Shares owned through another entity, such as a trust or family member, rather than directly.
Exercise of options: When an individual uses the right to buy shares at a set price under a stock option agreement.
Weighted average sale price: The average price per share, calculated by weighting each sale by the number of shares sold at that price.
Administrative sales: Routine sales of shares by insiders, often for tax or diversification purposes rather than strategic reasons.
Capacity-driven execution: Selling activity determined by the number of shares remaining to be sold, not by a set schedule or discretionary choice.
Cadence: The frequency or regularity of transactions or actions, such as insider share sales.
Discretionary: Based on personal judgment or choice, rather than a predetermined plan or rule.
TTM: The 12-month period ending with the most recent quarterly report.